Loan to fund the construction of 348-Key Hotel
DULUTH, Ga., July 18, 2022 /PRNewswire/ — ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a nationwide commercial real estate middle-market lender, has originated a $74.75 million loan to fund the construction of the Westin Gwinnett Hotel in Duluth, Georgia.
“The property’s proximity to Atlanta, coupled with being the first 4-star hotel of its kind in this market, will meet the growing demand for business and leisure accommodations in the area,” said ACRES Chief Executive Officer and President Mark Fogel. “The Gas South District’s campus has created a distinctive and exciting atmosphere for hosting a variety of events, and we are confident that will help Westin further distinguish itself by leading the ‘path of progress’ north of Atlanta.”
Located just 30 minutes north of downtown Atlanta, the hotel will serve as the flagship hotel of the Gas South District’s campus. Significantly larger than the neighboring hotels, the Westin will feature 348 rooms, 17,607 sf of meeting space, business center, fitness room, dining, and a rooftop bar.
“On behalf of Concord Hospitality and its investors, I am delighted to announce the closing of the construction loan for the Westin Atlanta Gwinnett with ACRES Capital,” said Mark Laport, President & Chief Executive Officer, Concord Hospitality. “The 348-room hotel and conference center will anchor and attach to the Gas South Convention Center and Arena. The hotel is ideally positioned in one of the fastest growing counties in the greater Atlanta market. The various stakeholders recognize the tremendous future of the Westin Atlanta Gwinnett which will become one of the region’s most distinctive premium branded hotel developments.”
The loan was provided to Concord Hospitality, based in Raleigh, North Carolina.
About ACRES
ACRES is a nationwide direct lender and SEC-registered investment adviser that provides construction, bridge and permanent debt capital solutions for the commercial real estate industry. ACRES partners on targeted opportunities in the $15 million to $100 million range, including multifamily, student housing, retail, office, hospitality, and industrial. Contact us at www.acrescap.com or at (516) 535-0015.
SOURCE ACRES Capital, LLC
